The index, produced every two years, measures the extent to which a country’s legal system facilitates global financial crimes such as money laundering and tax evasion. The Tax Justice Network (TJN) — an independent international research and advocacy network focusing on tax evasion and tax havens — released its Financial Secrecy Index on Tuesday. Financial experts say this is an indication Canada is, effectively, one of the world’s more attractive “onshore tax havens .”Canada has one of the most secretive financial systems in the world, according to a new report, less transparent than Russia and China, and offshore tax havens like Cyprus, Bermuda, and Barbados. According to the Global Financial Secrecy Index, Switzerland, the U.S. and the Cayman Islands are the biggest tax havens in the world. “Most people have the preconception of corporate secrecy being some far off tropical island,” Cohen said.

Source: thestar January 30, 2018 18:33 UTC